ELABORATION OF SOME ARTICLES AND MEASURES FOR ENFORCEMENT OF LAW ON BANKRUPTCY AND REHABILITATION REGARDING ENFORCEMENT OF DECISIONS TO DECLARE ENTERPRISES/COOPERATIVES BANKRUPT

This Decree elaborates Articles 76 and 77 and some measures for organization and guidance on enforcement of the Law on Bankruptcy and Rehabilitation regarding enforcement of decisions to declare enterprises/cooperatives bankrupt (hereinafter referred to as “bankruptcy declaration decisions”).

The State Treasury, credit institutions, foreign bank branches, social security authorities, agencies registering assets and secured measures, enterprise registration agencies, tax authorities, Public Security agencies, specialized agencies affiliated to provincial-level and commune-level People's Committees, and relevant agencies, organizations, and individuals shall be responsible for promptly abiding by judgment enforcement decisions, documents, requests and proposals from civil judgment-enforcing agencies, enforcers, asset management officers, asset management and liquidation enterprises during the organization of enforcement of bankruptcy declaration decisions in accordance with the law.

 In case a bankrupt enterprise/cooperative is a judgment creditor according to another effective judgment/decision, the civil judgment-enforcing agency shall continue to organize the enforcement in accordance with the law. The enforcer shall notify the judgment enforcement result to the asset management officer, the asset management and liquidation enterprise for cooperation, and to the Judge implementing bankruptcy procedures to formulate a plan to distribute assets recovered.

1. The head of the civil judgment-enforcing agency shall issue a decision to enforce each bankruptcy declaration decision.

2. Procedures for issuing the decision to enforce the bankruptcy declaration decision shall be followed according to the Law on Enforcement of Civil Judgments.

1. A written request submitted to the asset management officer/asset management and liquidation enterprise in accordance with point a clause 3 Article 76 of the Law on Bankruptcy and Rehabilitation shall contain the main following contents:

a) No., date, and the name of the issuer;

b) Name of the requesting enforcer;

c) Name of the asset management officer/asset management and liquidation enterprise enforcing the bankruptcy declaration decision;

d) Name, address, head office, ID number of the enterprise/cooperative declared bankrupt;

dd) Request contents.

2. In case the asset management officer or the asset management and liquidation enterprise refuses to organize the enforcement of the bankruptcy declaration decision as prescribed in clause 2, Article 11 of the Law on Bankruptcy and Rehabilitation, within 03 working days from the date of receipt of the written request from the enforcer, the asset management officer or the asset management and liquidation enterprise shall send a written refusal, clearly stating the reasons to the People's Court settling the case and the civil judgment-enforcing agency.

Within 03 working days from the date of receipt of the written refusal from the asset management officer or the asset management and liquidation enterprise, the Judge shall issue a decision to change or a written refusal to change the asset management officer or the asset management and liquidation enterprise, clearly state the reasons and notify and send such decision or written refusal to the civil judgment-enforcing agency. The asset management officer or the asset management and liquidation enterprise shall abide by the Judge’s decision on change or written refusal of change.

1. The asset management officer or the asset management and liquidation enterprise issuing a document or decision on the enforcement of the bankruptcy declaration decision must notify the Court, the Procuracy, the civil judgment-enforcing agency, and participants in bankruptcy procedures of such document or decision to exercise their rights and obligations in accordance with the document or decision.

The time limit for notifying and sending the document and decision is 03 working days from the date of issuance. Procedures for notifying and sending the document and decision shall be followed in accordance with the Law on Bankruptcy and Rehabilitation and the law on civil judgment enforcement.

2. The document or decision on the enforcement of the bankruptcy declaration decision issued by the civil judgment-enforcing agency or the enforcer shall be enforced in accordance with the law on civil judgment enforcement.

1. Within 09 days from the date of receipt of the enforcer’s written request as prescribed in Article 5 of this Decree, the asset management officer or the asset management and liquidation enterprise shall verify the capability of executing the bankruptcy declaration decision of the enterprise/cooperative declared bankrupt, the debtor, the collateral owner according to the bankruptcy declaration decision, and other related persons.

The debtor, the collateral owner according to the bankruptcy declaration decision shall truthfully make declaration and fully supply information on their assets, income and their capability of executing the bankruptcy declaration decision and assume their responsibility for their declaration.

2. The asset management officer/asset management and liquidation enterprise shall be responsible for verifying the capability of executing the bankruptcy declaration decision in accordance with the law on civil judgment enforcement. Any cost incurred shall be paid as prescribed and determined as bankruptcy cost.

1. Within 15 days from the date of receipt of the decision to enforce the bankruptcy declaration decision, the enforcer shall send a written request to the Court to transfer the remaining money collected by the Court from its designated bank account into a bank account designated by the civil judgment-enforcing agency in accordance with regulations. Within 07 days from the date of receipt of the written request, the Court shall be responsible for transferring the collected money to the civil judgment-enforcing agency.

2. In case the enterprise/cooperative declared bankrupt has prepaid the rent as prescribed in clause 2, Article 79 of the Law on Bankruptcy and Rehabilitation, within 07 days from the date of receipt of the enforcer’s written request for organization of the enforcement of the bankruptcy declaration decision, the asset management officer or the asset management and liquidation enterprise shall issue a written request and set a deadline for the lessor to transfer the money in accordance with clause 3 of this Article.

3. The asset purchaser or recipient; the lessor who leases out the asset to the enterprise/cooperative declared bankrupt; and other agencies, organizations, or individuals shall transfer money to the bank account designated by the civil judgment-enforcing agency and notify the asset management officer or the asset management and liquidation enterprise.

4. Money transfer fees incurred when the asset management officer, the asset management and liquidation enterprise, the Court, the civil judgment-enforcing agency, or the enforcer transfers the collected money to the bank account designated by the civil judgment-enforcing agency shall be paid by the value of asset owned by the bankrupt enterprise/cooperative at the time of the transfer

1. The civil judgment-enforcing agency shall entrust the enforcement of judgment and the handling of assets in order to enforce the bankruptcy declaration decision in accordance with the law on civil judgment enforcement.

2. In case the enforcement of the entire bankruptcy declaration decision is entrusted to a single civil judgment-enforcing agency, the entrustee shall open a bank account to transfer the money recovered from the enterprise/cooperative declared bankrupt and make payment in accordance with Article 11 of this Decree. In case the entrustor has already opened an account, upon receipt of the notification of acceptance of entrustment, the money in such account (if any) shall be transferred to the entrustee’s new account in accordance with regulations; the account previously opened by the entrustor shall be closed.

3. In case of entrustment of enforcement of the judgment in relation to collateral on the basis of the bankruptcy declaration decision to the civil judgment-enforcing agency in the province/commune where the asset exits, or entrustment of handling of the asset for enforcement of the bankruptcy declaration decision, within 03 working days from the date of collection of the money, the entrustee shall transfer the collected money to the account of the entrustor and give notification to the entrustor to implement the asset distribution plan in accordance with the bankruptcy declaration decision. The responsibility of the entrustee for the entrusted contents and the transfer of money to the entrustor shall be completely fulfilled upon the completion of the enforcement of the bankruptcy declaration decision.

1. The civil judgment-enforcing agency shall receive a written request for the return of assets and documents proving the ownership, a lease/borrowing contract from the owner of assets leased/borrowed by the enterprise/cooperative in accordance with clause 1, Article 79 of the Law Bankruptcy and Rehabilitation Within 03 working days from the date of receipt of the written request and documents prescribed in this clause, the enforcer shall notify and transfer them to the asset management officer or the asset management and liquidation enterprise.

In case the asset owner submits the written request before the decision to enforce the bankruptcy declaration decision is issued, the request for the return of leased/borrowed assets shall be included in the written request submitted to the asset management officer or the asset management and liquidation enterprise as prescribed in Article 5 of this Decree.

2. Within 07 days from the date of receipt of the written request and documents prescribed in clause 1 of this Article, or from the date on which the lessor has already paid the rent for the remaining lease term, the asset management officer or the asset management and liquidation enterprise shall return the assets to the owner and submit a written report to the enforcer.

1. Within 10 days from the date on which the civil judgment-enforcing agency receives the money or from the date of handover of the assets to the purchaser or recipient, the enforcer shall make payment in accordance with the bankruptcy declaration decision. Payment procedures shall be followed in accordance with the law on civil judgment enforcement.

2. Costs incurred during the enforcement of the bankruptcy declaration decision are bankruptcy costs paid in accordance with the Law on Bankruptcy and Rehabilitation. Expenditure items, expenditures, procedures for advancing money and refunding advances, estimation, execution of estimates, and final settlement of costs incurred during the enforcement of the bankruptcy declaration decision shall comply with the law on civil judgment enforcement.

3. The judgment creditor according to the bankruptcy declaration decision shall pay judgment enforcement fees in accordance with the law on judgment enforcement fees.

Regarding money and assets paid/transferred to the judgment creditor and recovered by the asset management officer or the asset management and liquidation enterprise from the sale of the remaining assets owned by the enterprise/cooperative, if the enforcer does not issue a coercive enforcement decision, the civil judgment-enforcing agency does not collect judgment enforcement fees.

1. Response to and implementation of protests and recommendations lodged/made by the People's Procuracy about decisions and acts issued/committed by the head of the civil judgment-enforcing agency or the enforcer during the enforcement of the bankruptcy declaration decision shall comply with the law on civil judgment enforcement.

2. The asset management officer or the asset management and liquidation enterprise shall be responsible for responding to protests and recommendations lodged/made by the competent People's Procuracy about their decisions and acts within 15 days from the date of receipt, and simultaneously reporting such responses to the enforcer.

1. Within 10 days from the date of receipt of the enforcer’s written request for organization of the enforcement of the bankruptcy declaration decision, the asset management officer or the asset management and liquidation enterprise shall select and sign a service contract with a price appraisal enterprise to determine the price of the asset; regarding an asset subject to a distraint decision issued by the enforcer, the time limit shall be 05 working days from the date the distraint is completed.

The selection of and signature of the service contract with the price appraisal enterprise shall comply with the law on civil judgment enforcement.

2. Within 03 working days from the date of receipt of the enforcer’s written request for organization of the enforcement of the bankruptcy declaration decision, the asset management officer or the asset management and liquidation enterprise must determine the price of asset prescribed in clause 3, Article 77 of the Law on Bankruptcy and Rehabilitation. When necessary, the asset management officer or the asset management and liquidation enterprise may hire a price appraisal enterprise to provide advice or seek opinions from relevant specialized agencies on the asset and determine the asset price within 15 days from the date of receipt of the enforcer’s written request.

3. In case the Judge decides to sell the asset owned by the insolvent enterprise/cooperative after the initiation of bankruptcy procedures to cover bankruptcy costs as prescribed in clause 5, Article 20 of the Law on Bankruptcy and Rehabilitation, but the asset remains unsold before the Judge issues the bankruptcy declaration decision, the asset management officer or the asset management and liquidation enterprise shall organize sale of the asset in accordance with Article 15 of this Decree at the most recent offering price before the bankruptcy declaration decision is issued. In case the price appraisal certificate has expired before the asset sale, the asset management officer or the asset management and liquidation enterprise shall re-determine the price of the asset in accordance with clauses 1 and 2 of this Article.

4. Within 05 working days from the date there are grounds to determine that the asset whose price is determined has no value or cannot be sold as prescribed in clause 6, Article 77 of the Law on Bankruptcy and Rehabilitation, the asset management officer shall request the Judge to determine that the asset is no longer the asset owned by the enterprise/cooperative declared bankrupt. The Judge's written request shall serve as the basis for the civil judgment-enforcing agency to issue a decision to revise the judgment enforcement decision and request the asset management officer to organize the enforcement.

1. The enforcer shall decide to determine the price of asset in accordance with clause 4 Article 77 of the Law on Bankruptcy and Rehabilitation in one of the following cases:

a) There is any ground to confirm that the asset management officer, the asset management and liquidation enterprise, or the price appraisal enterprise has committed a serious violation, resulting in an inaccurate result of the determination of price;

b) There is a conclusion from a competent authority or person that the asset management officer, the asset management and liquidation enterprise, or the price appraisal enterprise has committed a serious violation, resulting in an inaccurate result of the determination of price.

2. The price of the asset shall be re-determined within 05 working days from the date on which there are grounds specified in clause 1 of this Article. Procedures for re-determination of price of the asset shall be followed in accordance with Article 13 of this Decree.

3. Reserve price for initial auction is the price based on the result of the determination of price of the asset specified in Article 13 of this Decree. In case of re-determination of the price, the price after re-determination shall be the reserve price for the initial auction.

4. In case of re-determination of the price as prescribed in clause 1 of this Article, the re-determination costs shall be borne by the asset management officer or the asset management and liquidation enterprise and shall be deducted from their remuneration.

1. The asset management officer/asset management and liquidation enterprise shall follow procedures for auctioning the asset for the enforcement of the bankruptcy declaration decision in accordance with the law on civil judgment enforcement.

The enforcer is entitled to request the asset management officer, the asset management and liquidation enterprise to recommend an auction practicing organization, asset auction council, or auctioneer to suspend or cease the organization of auction or auction session when there are grounds as prescribed by the law on civil judgment enforcement. The asset management officer, the asset management and liquidation enterprise shall be responsible for immediately complying with the enforcer’s request; in case of non-compliance, they shall take responsibility, and if any damage is caused, they must pay compensation in accordance with the law.

The advance as prescribed in clause 5 and clause 6, Article 39 of the Law on Property Auction shall be deposited into a bank account designated by the civil judgment-enforcing agency to fulfill the obligations of the enterprise/cooperative declared bankrupt.

2. Within 05 working days from the date on which the price determination result is provided, the asset management officer, the asset management and liquidation enterprise shall sell the assets specified in clause 3, Article 77 of the Law on Bankruptcy and Rehabilitation without following auction procedures; the asset management officer, the asset management and liquidation enterprise shall sell the assets at risk of being destroyed or significantly devalued within 24 hours.

The sale of assets must be recorded in a written record, signed by the asset management officer or asset management and liquidation enterprise, the purchaser, and witnesses (if any).

1. The asset management officer/asset management and liquidation enterprise shall handover assets and documents to the purchaser/recipient to enforce the bankruptcy declaration decision.

2. If, within 30 days from the date on which the purchaser/recipient makes full payment or the deadline for handover of the assets/documents expires according to the bankruptcy declaration decision, the litigant or the person who holds, manages or uses the assets/documents resists, obstructs handover of or does not voluntarily hand over the assets/documents, the asset management officer or the asset management and liquidation enterprise must request in writing the enforcer to apply coercive measures, as specified in Article 17 of this Decree.

3. The agency/organization/individual currently holding, managing or using the assets/documents shall be responsible for complying with the request made by the enforcer, the asset management officer, the asset management and liquidation enterprise for the handover of the assets/documents to the purchaser or recipient.

Any agency/organization/individual that obstructs or illegally interferes in the handover of the assets/documents, thereby resulting in delay in the handover and causing damage, must pay compensation in accordance with the law.

1. In case the asset management officer or the asset management and liquidation enterprise has given notification, made request, taken mobilization/persuasion but the person holding, managing, or using the assets/documents, the debtor, the person having collateral according to the bankruptcy declaration decision; or another person obliged fails to voluntarily enforce compliance, and there are sufficient grounds to apply coercive measures, the asset management officer or asset management and liquidation enterprise shall submit a written request to the enforcer to apply coercive measures in accordance with the Law on Civil Judgment Enforcement.

The written request for the application of coercive measures must clearly state the person subject to the measures, the necessity, and the grounds for application of such measures, and shall be enclosed with a document showing the result of verification of capability of executing the bankruptcy declaration decision, and other relevant documents. The asset management officer, the asset management and liquidation enterprise shall be responsible for information and documents provided for the civil judgment-enforcing agency.

Within 10 days from the date of receipt of the written request from the asset management officer or asset management and liquidation enterprise, the enforcer shall issue a coercive enforcement decision or a written request to the asset management officer or asset management and liquidation enterprise to provide additional documents or perform other tasks to serve as the basis for issuance of the coercive decision.

The asset management officer or asset management and liquidation enterprise shall be responsible for providing additional documents or performing other tasks at the request of the enforcer.

2. The enforcer shall organize coercive enforcement in accordance with the law on civil judgment enforcement. The asset management officer, the asset management and liquidation enterprise must participate in and cooperate with the enforcer in the coercive enforcement process.

In case coercive asset distraint measures are applied, upon completion of the distraint, the asset management officer or asset management and liquidation enterprise shall determine the price of and sell the asset as prescribed in Article 77 of the Law on Bankruptcy and Rehabilitation, and Articles 13, 14, and 15 of this Decree.

3. The asset management officer or asset management and liquidation enterprise shall be responsible to the law for their request for application of coercive measures. In case the asset management officer’s/asset management and liquidation enterprise’s request for coercive measures is wrongful and causes damage, they must pay compensation in accordance with the law.

1. The enforcer shall supervise operations conducted by the asset management officer/asset management and liquidation enterprise during the enforcement of bankruptcy declaration decision after receiving the written request as prescribed in Article 5 of this Decree.

2. The enforcer shall exercise supervision through a report prepared by the asset management officer/asset management and liquidation enterprise. The report shall be prepared in person or in writing, and sent by post or online in accordance with the law on civil judgment enforcement. The report must be enclosed with relevant documents on the enforcement of the bankruptcy declaration decision; in case the asset management officer/asset management and liquidation enterprise fails to prepare the report or prepares the report and documents in a dishonest or incomplete manner, they shall be responsible to the law.

1. The enforcer shall supervise operations conducted by the asset management officer/asset management and liquidation enterprise during the performance of tasks and powers over the enforcement of the bankruptcy declaration decision in accordance with the Law on Bankruptcy and Rehabilitation. In some specific cases, the supervision shall be exercised as follows:

a) Before selecting or changing a price appraisal enterprise or an auction practicing organization, the asset management officer or asset management and liquidation enterprise shall send a report to the enforcer. The report must clearly state the asset whose price will be appraised or to be auctioned; the name and address of the price appraisal enterprise or auction practicing organization; and the reason for selection. If there is any change in the price appraisal enterprise or auction practicing organization, the report must clearly state the reason for such change.

b) In case the price appraisal enterprise or auction practicing organization cannot be selected, the asset management officer/asset management and liquidation enterprise must immediately send a report to the enforcer. The report shall clearly state the asset whose price will be appraised or to be auctioned, the selection process, and the reasons for the failure to select the price appraisal enterprise or auction practicing organization;

c) Before determining the price of asset, the asset management officer/asset management and liquidation enterprise shall send a report to the enforcer. The report must clearly state the asset whose price will be determined and the reasons for the determination of the price.

In case the asset management officer or asset management and liquidation enterprise hires a price appraisal enterprise to provide advice or seeks opinions from specialized agencies, after receiving advice and opinions, they must immediately send a report to the enforcer. The report shall clearly state the opinions of the price appraisal enterprise or specialized agencies and the price selected by the asset management officer/asset management and liquidation enterprise.

d) After an unsuccessful auction, the asset management officer/asset management and liquidation enterprise shall submit a report to the enforcer. The report must clearly state the asset to be auctioned; the name and address of the auction practicing organization; the auction process; and the reasons for unsuccessful auction;

dd) Before selling the asset without following auction procedures, the asset management officer/asset management and liquidation enterprise shall send a report to the enforcer. The report must clearly state the asset to be sold without auction, the grounds for failure to put the asset up for auction, and the asset price;

e) After successfully selling the asset, the asset management officer/asset management and liquidation enterprise shall submit an asset sale report to the enforcer. In case the asset cannot be sold totally at once, the asset management officer/asset management and liquidation enterprise shall report to the enforcer on the sold part of the asset. The report must clearly state the date of the sale; the sale method; the asset sold and proceeds; and the unsold asset;

g) When enforcing the bankruptcy declaration decision involving foreign elements, the asset management officer/asset management and liquidation enterprise shall send a report to the enforcer. In case mutual legal assistance is required, the asset management officer/asset management and liquidation enterprise shall request the enforcer to comply with the request for mutual legal assistance in accordance with the law on mutual legal assistance and the law on civil judgment enforcement.

Regarding an overseas asset to be handled, the asset management officer/asset management and liquidation enterprise shall request the recognition and enforcement of the Vietnamese Court's bankruptcy declaration decision in the relevant foreign country and report the result of such request to the enforcer.

2. When exercising supervision, the enforcer is entitled to request the asset management officer/asset management and liquidation enterprises to provide documents; provide explanations; terminate commission of violations; take remedial measures; perform tasks and follow procedures in accordance with the law to enforce the bankruptcy declaration decision. In case of non-compliance or incomplete compliance with the enforcer’s request, the asset management officer/asset management and liquidation enterprise shall be responsible to the law.

In case there are grounds as prescribed in clause 2, Article 11 of the Law on Bankruptcy and Rehabilitation, or there are grounds to confirm that the asset management officer/asset management and liquidation enterprise has committed violations against procedures for enforcement of the bankruptcy declaration decision or breached the Code of Professional Ethics for asset management officers, the enforcer shall, depending on the severity of each violation, submit a written request to the Court to change the asset management officer or asset management and liquidation enterprise, or request a competent person to impose a penalty in accordance with the law.

1. This Decree enters into force from March 01, 2026.

2. In case where the civil judgment-enforcing agency is currently organizing the enforcement of the bankruptcy declaration decision prior to the effective date of this Decree but the enforcement has not yet been completed, the decision shall continue to be enforced in accordance with the Bankruptcy Law No. 51/2014/QH13; the Government Decree No. 22/2015/ND-CP dated February 16, 2015 amended by the Decree No. 112/2025/ND-CP; and the Joint Circular No. 07/2018/TTLT-BTP-VKSNDTC-TANDTC dated June 12, 2018, of the Ministry of Justice, the Supreme People’s Court, and the Supreme People’s Procuracy.